Wheat Weaker into Midday

The wheat futures have faded their initial Thursday gains and are trading fractionally to 2 cents weaker across the domestic markets. CBT futures are still 14 ¾ cents in the black for the week. KC futures are up by 13 cents on the weekly chart so far. Spring wheat futures are fractionally mixed for the day, and are up 9c for the week. 

USDA’s FAS reported 176k MT of wheat was sold for export during the week that ended 3/14. Of that, old crop bookings were a net reduction of 109k MT, including a known 264k MT cancellation from China, while new crop bookings were 286k MT. The new crop sales were above estimates and brought the forward book to 803k MT, or 20% ahead of forward sales at the same time last year. Old crop commitments remain 3% ahead of last year’s pace with 18.4 MMT on the books. 

Japan’s Ministry of Agriculture is seeking 119,000 MT of food-quality wheat from the US, Canada, or Australia in a routine weekly tender. 

Egypt’s GASC booked 110k MT of wheat via their tender, sourced from Bulgaria and Romania. 

May 24 CBOT Wheat  is at $5.43, down 2 cents,

Jul 24 CBOT Wheat  is at $5.59, down 1 1/4 cents,

May 24 KCBT Wheat  is at $5.78 1/2, down 2 cents,

Jul 24 KCBT Wheat  is at $5.72 3/4, down 1 cent,

May 24 MGEX Wheat  is at $6.55 1/2, up 1/2 cent,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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